Elizabeth O’Connor of RBC: The role of executor is a very, very stressful one

Executor Role: Privilege or Punishment

One of most important aspects of the work I do for my clients is to help them prepare for what lies ahead. The most financially successful people tend to be the best prepared and it seems like a large part of every life stage is preparation for the next.

For many people, thinking about and planning for the final years of retirement and finances after death is a place they fear to tread. However, it’s also the life stage that depends the most on detailed planningt. If you have not determined how, where and with whom you want to spend your final days, when the time comes someone else could be making those decisions for you. It is your right and privilege to ensure you continue to live comfortably, and determine your legacy and how you want it disbursed.

With that in mind, my husband and I recently decided it was time to revisit our Wills. We pictured the process going something like this: Here’s what we have, here’s where it’s going, boom. Our three adult sons in their thirties are smart and get along, so we figured all three would be co-executors, and that would be that! We considered the role to be an honour of sorts, like being a best man or maid of honour. Obviously our guys would be thrilled to do it together. Or so we thought.

The first thing our professional advisor asked was why we would want to hand our kids the onerous task of being an executor. They defined the role as stressful, very stressful, and time consuming. There are funeral arrangements that need to be made, government forms to be filled out, outstanding bills to be dealt with, credit cards, bank accounts and utilities to be cancelled, relatives and friends to be called and real estate agents, lawyers and accountants to coordinate. “Where do the kids live?” our advisor asked. “What are their work circumstances? … What will their emotional state be? … Who is going to do what, given that they do not have a financial or administrative background?”

After taking another look at the responsibilities we would be imposing on our kids and reading a recent RBC Wealth Management survey that found 68 per cent of respondents who had been executors would never do it again, we decided to do our family a huge favour and make RBC Estate and Trust Services the executors of our Wills.

We learned a lot from our experience, and to help you understand the same key concepts as they relate to your family, my wealth management team and I invite you to attend our estate planning seminar.

The Seminar will be held Saturday, April 28^th from 10am to 12pm at the Active Living Centre, second floor, Multi-purpose room, 7 Camp Kitchen Rd, Huntsville, ON

Guest speaker will be Susan MacDonald, TEP, STI, MTI from RBC Estate & Trust Services.

To register visit Canada Summit Centre in person or purchase tickets online here. Online registration code: 2750

If you are unable to attend and would like more information, here are some excellent resource materials from RBC that help explain the duties and tasks associated with being an Executor. Please contact my associate, Lynne at 705-645-2966 if you have any questions.

This article is supplied by Elizabeth O’Connor, an Investment Advisor with RBC Dominion Securities Inc. (Member–Canadian Investor Protection Fund). This article is for information purposes only. Please consult with a professional advisor before taking any action based on information in this article.

Elizabeth O’Connor can be reached at 705-789-2100 or [email protected].

Whether you are looking for a full time, full service financial advisor or seeking expert financial advice as a second opinion, call Elizabeth. With offices in Haliburton, Huntsville and Bracebridge, Elizabeth works closely with clients in cottage country from the lakes and surrounding towns.

Elizabeth O’Connor is an Investment Advisor with RBC Dominion Securities, which is a member of the Canadian Investor Protection Fund. 705-789-2100